Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jerónimo Martins, SGPS, S.A. (0EXG.IL)

Company Dividend Discount ModelIndustry: Food DistributionSector: Consumer Defensive

Valuation Snapshot

Stable Growth$82.61 - $194.96$182.71
Multi-Stage$29.21 - $31.95$30.56
Blended Fair Value$106.63
Current Price$21.48
Upside396.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.00%7.49%0.680.580.790.290.350.330.640.690.290.65
YoY Growth--18.18%-26.52%172.93%-16.52%6.15%-49.07%-7.72%136.23%-54.74%95.00%
Dividend Yield--3.49%3.14%3.64%1.33%2.41%1.98%4.85%4.68%1.75%4.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)615.00
(-) Cash Dividends Paid (M)388.00
(=) Cash Retained (M)227.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)123.0076.8846.13
Cash Retained (M)227.00227.00227.00
(-) Cash Required (M)-123.00-76.88-46.13
(=) Excess Retained (M)104.00150.13180.88
(/) Shares Outstanding (M)627.34627.34627.34
(=) Excess Retained per Share0.170.240.29
LTM Dividend per Share0.620.620.62
(+) Excess Retained per Share0.170.240.29
(=) Adjusted Dividend0.780.860.91
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Fair Value$82.61$182.71$194.96
Upside / Downside284.61%750.60%807.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)615.00654.98697.55742.89791.18842.60867.88
Payout Ratio63.09%68.47%73.85%79.24%84.62%90.00%92.50%
Projected Dividends (M)388.00448.47515.16588.63669.48758.34802.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)417.14421.09425.05
Year 2 PV (M)445.70454.19462.76
Year 3 PV (M)473.68487.28501.13
Year 4 PV (M)501.10520.37540.19
Year 5 PV (M)527.96553.46579.94
PV of Terminal Value (M)15,961.7616,732.7217,533.18
Equity Value (M)18,327.3419,169.1120,042.25
Shares Outstanding (M)627.34627.34627.34
Fair Value$29.21$30.56$31.95
Upside / Downside36.01%42.25%48.73%

High-Yield Dividend Screener

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